Mortgage payoff calculator

Cómo usar la Mortgage payoff calculator

Qué calcula y cuándo usarla

This calculator shows how much sooner you could be mortgage-free, y how much interest you would save, if you overpay each mon.ª o make a one-off lump sum.

Cómo usarla, paso a paso

1. Enter your Corriente Saldo, Intereses Tipo y the Años remaining.
2. Add the extra amount you can pay each mon.ª y cualquiera lump Suma you could Paga now.
3. Compare the new payoff Hora y Intereses with the original plan.

Qué significa cada dato

• Mortgage Saldo now – What you still owe, not the original loan.
• Tipo de interés – Your Corriente Anual Tipo.
• Años left – The remaining Plazo on the mortgage.
• Extra al mes – Money added a Cada uno regular payment.
• Lump Suma – A one-off payment applied immediately a the Saldo.

Cómo leer los resultados

• Mortgage-free pulg. – How larga the loan lasts with your overpayments.
• Intereses saved – Intereses without extra payments minus Intereses with them.
• Payment you make now – The required payment plus your extra Cantidad.

La fórmula

The required payment es P × r ÷ (1 − (1 + r)^−n). Each month interest = balance × r, y the whole payment plus extra, minus that Intereses, reduces the Saldo. The loop runs hasta the Saldo reaches zero.

Un ejemplo práctico

A 200,000 balance at 5.5% with 25 years left has a required payment de 1,228.17. Paying 200 more each month clears it en 18 years 9 meses, 6 Años 3 months sooner, y cuts interest from 168,452 a 120,683, a saving de about 47,770.

Supuestos y límites

• A fixed Tipo por the rest de the term.
• Overpayments are accepted without charge. Many lenders cap penalty-free overpayments, often A 10 % de the balance al año.
• The lump Suma es Pagadas immediately.

Errores comunes

• Overpaying while carrying higher-rate debt such as credit cards. Borrar the dearest debt first.
• Using up emergency savings por overpayments.
• Forgetting that a fixed deal may carry an early repayment charge.

Preguntas frecuentes

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